Petrol Price Reduction- Interim Government Eyes Second Price Decrease Amidst Global Oil Price Drop
In an effort to alleviate the burden on the public, Pakistan’s interim government is contemplating a significant reduction in petrol prices for the latter half of October. Reports suggest that petrol prices could witness a substantial drop of Rs38 per liter, owing to the recent dip in global oil prices, which have hit a six-month low.
This prospective price cut would mark the second reduction in recent weeks, fueled by the recovery of the local currency and a decline in petroleum product rates. On the global stage, oil prices have tumbled by $7 per barrel, while in the Gulf market, crude oil prices have plummeted by $92 per barrel.
If given the green light, the current petrol price may potentially fall to Rs285 per liter. The final decision on this matter is scheduled to be unveiled on October 15.
Earlier this month, the government had already implemented a reduction in petrol prices by Rs8, bringing it down from Rs331.38 per liter to Rs323.38.
Stay tuned for further Petrol price reduction updates as Pakistan aims to provide much-needed relief to its citizens amidst these challenging economic times.
